Thoroughbred apartments will be a high quality addition to the Redcar Racecourse scene, the scheme's backers said today.

House builder George Wimpey North Yorkshire has been chosen to build 138 high quality flats on a three acre site at the course.

Earlier this year Redcar and Cleveland Council gave outline planning approval for the housing development. The scheme also involves the realignment of the bend at the northern end of the course.

When the scheme was announced last December, it was anticipated the land would be sold for up to £3m, but it is believed to have gone for more than that amount.

And the number of flats has risen from "around 100" to 138.

Confirming George Wimpey North Yorkshire's appointment as chosen developer, Redcar Racecourse chief executive, Neil Etherington, said it was good news for the town.

He also believes the flats will prove "a major boost to securing and expanding the future of racing and maximising the potential of our site.'

The scheme will be explained in detail at a community consultation event at the racecourse on Wednesday from 5pm-7pm.

Mr Etherington said: "We're delighted to have reached agreement with George Wimpey for the housing development which will provide in Redcar the kind of high-quality apartment style housing which is now in so much demand.

"We see it as a key element in our determination to maximise the potential of the racecourse site, which is without doubt the town's most high profile asset, and underline our commitment to maintain and indeed enhance racing at Redcar.

"The proceeds will enable us to invest in further improvements to our facilities in order to broaden the scope of our activities."

Iain Pay, land manager with George Wimpey North Yorkshire, called it "a very impressive prestige site."

He added: "The apartments will be of a very high standard and the whole development will be planned to fit in with the local area and the racecourse setting.

"We are sure there will be great interest about the development and the benefits it can bring to both the racecourse and the town as a whole. We hope as many people as possible will come along to the consultation event we are organising next week."